Gold prices climbed Friday, erasing a loss for the week on the back of investor uncertainty ahead of first round of France’s presidential election this weekend.

Gold for June delivery on Comex
US:GCM7
rose $5.30, or 0.4%, to settle at $1,289.10 an ounce. The session’s climb sent prices higher for the week, by less than 0.1%, or roughly 60 cents an ounce.

May silver
US:SIK7
held on to earlier losses, down 16.2 cents, or 0.9%, to $17.856 an ounce, poised for its lowest finish since late March. It was about 3.5% lower on the week.

Gold prices have now posted gains for six weeks straight. They climbed by 2.5% last week.

“I think the big rally last week off $1,200 priced in a lot of the current political uncertainties,” Colin Cieszynski, chief market strategist at CMC Markets, told MarketWatch. “There hasn’t been anything new other than the attack in France to change the political outlook over the last 48 hours and even then, the election result is a toss up.”

French voters go to the polls Sunday. If, as expected, no candidate wins more than 50% of the vote, a final runoff between the top two vote getters will take place on May 7.

The vote is the latest test of nationalist sentiment following last year’s vote by the U.K. to leave the European Union and Donald Trump’s U.S. election victory last November. A strong showing by anti-European Union candidates, right-wing National Front leader Marine Le Pen or left-wing candidate Jean-Luc Melenchon, could spark a near-term global scramble for havens like gold, analysts said.

A result that sees Le Pen facing off against Melenchon in the final round would pose the biggest threat to assets perceived as risky, while a scenario in which neither advances would likely prompt a relief rally.

“If the antiestablishment candidates already do significantly better on Sunday, this could trigger marked price fluctuations at the start of next week—in which case gold would presumably be in considerable demand as a safe haven,” wrote analysts at Commerzbank, in a note.

As for action in gold, Cieszynski said that for now, “traders are unwilling to commit too much to any side not wanting to get stuck too far out on a limb ahead of a vote, particularly after so many people got caught offside with Brexit last year.”

“Gold could be more volatile next week with so many potential things that could happen in France, North Korea, the U.S. and elsewhere,” he added.

In other metals trade, July platinum
US:PLN7
fell $3.50, or 0.4%, to $976.10 an ounce, up less than 0.1% for the week. June palladium
US:PAM7
fell $12.15, or 1.5%, to $790.75 an ounce, ending down about 1% for the week.

May copper
US:HGK7
lost half a cent to $2.538 a pound, losing 1.3% for the week.

In exchange-traded funds, the SPDR Gold Trust
GLD, +0.10%
rose 0.3% to trade about 0.2% lower for the week.

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